Many of the world's largest media conglomerates are also based in the city. Real dollar values expressed in chained dollars. It is home to the New York Stock Exchange (NYSE) on Wall Street. [10] New York City is distinctive for its high concentrations of advanced service sector firms in the law, accountancy, banking and management consultancy fields. GDP There were 1.2 million New Yorkers who were food insecure during 2016. Exports grew by 9.3 percent in Q2 2018 and added 1.12 pp to GDP growth. On December 19, 2011, then Mayor Michael R. Bloomberg announced his choice of Cornell University and Technion-Israel Institute of Technology to build a US$2 billion graduate school of applied sciences called Cornell Tech on Roosevelt Island with the goal of transforming New York City into the world's premier technology capital. Gross Domestic Product (GDP) is a measure of the value of all goods and services produced in a region minus the value of the goods and services used up in production. [46] The Time Warner Center is the property with the highest-listed market value in the city, at US$1.1 billion in 2006. Manhattan is the world's leading center of banking, finance, and communication. New York, New York detailed profile. Between 2017 and 2018 the population of New York, NY declined from 8.62M to 8.4M, a -2.6% decrease and its median household income … Over the 5 years ending in 2019 the New York economy grew in real terms by 14.75% at a compound annual growth rate of 2.79% per year. Annual change in real GDP. The City’s economic growth was driven by an expanding labor market and modest wage growth. The world rank is based on the Fortune Global 500's revenues for the fiscal year that ended before April 1, 2015. [27] Many large financial companies are headquartered in New York City, and the city is also home to a burgeoning number of financial startup companies. Creative industries such as digital media, advertising, fashion, design, and architecture account for a growing share of employment. [19], As of 2013[update], the global advertising agencies of Omnicom Group and Interpublic Group, both based in Manhattan, had combined annual revenues of approximately US$21 billion, reflecting New York City's role as the top global center for the advertising industry, which is metonymously known as "Madison Avenue". To boot, production methods have become cleaner and more technology-driven. Each year, the City designates City Tax-Levied (CTL) dollars for the City’s own emergency food program, making New York City a leader in prioritizing food access for those most Series from Gross Domestic Product (GDP) by State. Data in this graph are copyrighted. All but two are based in New York City; IBM and PepsiCo are based in Westchester County, New York, just north of New York City. Performance . London, however, is the most cosmopolitan world city in terms of property ownership; more than 51% of homes there worth more than £2m which is also $3.8m or roughly 3m euros sold in 2005 have gone to overseas buyers from Russia, the Middle East and elsewhere. New Lab, The Brooklyn Navy Yard In 2011, the President of the Brooklyn Navy Yard invited David Belt to visit Brooklyn Navy Yard’s Building 128, a deserted, rotted-out, but beautiful iron skeleton of American's manufacturing past... Read Success Story. Geographische Lage. In 2017: New York State’s GDP was over $1.5 trillion, 8 percent of the U.S. total. [53] The garment industry has been significant in labor history, with Jewish, Italian, and Hispanic, and (more recently) Chinese immigrants successively laboring in the industry. Excluding trade, the U.S. economy grew by a more moderate 3.0 percent. New York City possesses a strong competitive advantage in these industries. Other important sectors include medical research and technology, non-profit institutions, and universities. Read more Annual percent change of the real GDP in New York from 2000 to 2019 [22] Entrepreneurs were forming a "Chocolate District" in Brooklyn as of 2014[update],[23] while Godiva, one of the world's largest chocolatiers, continues to be headquartered in Manhattan.[24]. [62] In the first five months of 2014 alone, location filming for television pilots in New York City exceeded the record production levels for all of 2013,[63] with New York surpassing Los Angeles as the top North American city for the same distinction during the 2013/2014 cycle.[64]. Many of the world's largest corporations are headquartered in Manhattan. The GDP per capita of New York was $73,463 in 2018. The net statewide population gain of more than 471,000 residents during that period primarily reflected an increase of nearly 448,000 in New York City The fuel produces 78 percent less carbon-dioxide emissions than standard diesel. 2015 New York City Progress Report. New York receives the second-highest amount of annual funding from the National Institutes of Health among all U.S. cities, after Boston. Real (inflation adjusted) GDP per Capita over time. In New York City, tourism has made impressive gains in recent years, particularly in the foreign visitor segment. The Port of New York and New Jersey is also a major economic engine, handling record cargo volume in 2017, over 6.7 million TEUs. In 2018: New York State’s GDP was nearly $1.7 trillion, 8.2 percent of the U.S. total. [9] Midtown Manhattan, with nearly 400 million square feet (37.2 million m2) that same year,[8] is the largest central business district in the world. This year, the GDP of the New York metro area amounted to about 1.5 trillion U.S. dollars. Several investment banks and investment managers headquartered in the city are important participants in other global financial centers. [1][2][3][4] It is home to the New York Stock Exchange (NYSE) and NASDAQ, the world's two largest stock exchanges by both market capitalization and trading activity. [51] The food-processing industry is the most stable major manufacturing sector in the city. Examples of goods manufactured in the city include Broadway costumes, custom-made cabinets, croissants for hotels, and wooden crates for shipping fine art. Change in GDP. Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand. While not large enough to propel the city’s economy, this long-term growth industry is critical to maintaining the local export base and providing jobs to low-skilled workers. Federal Reserve Bank of St. Louis, [46] New York City is home to some of the nation's—and the world's—most valuable real estate. Experts predicted that its GDP will continue to rise, which proved to be true as the latest data on GDP per capita per country suggests that Qatar is the richest country in the world in 2018. [55], In one measure of how international New York City's economy is, data compiled by the agents Knight Frank show foreign owners make up 34% of sales in the city's prime residential market. Try our corporate solution for free! Indicator and Equity Report (SIER). Wages in the State Increase . [20] The city's fashion industry provides approximately 180,000 employees with $11 billion in annual wages.[21]. If you can make it in New York, you can make it anywhere, or so that old Frank Sinatra hit goes. The Combined Statistical Area[5] produced a GMP of over US$1.55 trillion. Releases from U.S. Bureau of Economic Analysis, More ", "Table 1 GFCI 15 Ranks and Ratings – Page 7", "Revised Delineations of Metropolitan Statistical Areas, Micropolitan Statistical Areas, and Combined Statistical Areas, and Guidance on Uses of the Delineations of These Areas", "U.S. Metro Economies (note CSA 2012 GMP total includes sum of New York, Bridgeport, New Haven, Allentown, Trenton, Poughkeepsie, and Kingston MSA 2012 GMP values cited)", "The role of metro areas in the U.S. economy", "Top CBDs See Solid Growth in 2nd Quarter, US - Canada Performance Diverges", "Understanding The Manhattan Office Space Market", "Marketbeat United States CBD Office Report 2Q11", "Port of New York and New Jersey Sets New Cargo Volume Record for 2017", "State's Unemployment Rate Hits 4.1%, Reaches 30-Year Low – NYC Unemployment Rate Drops to 4.0%, a New All-Time Low", "Beijing Breaks Into Top Ten in Rankings by A.T. Kearney", "New York City Tops Global Competitiveness Rankings, Economist Report Says", "Mayor de Blasio announces $3M in grants for New York City's fashion industry", "Godiva Chocolatier Inc. Company Information", "The Securities Industry in New York City", https://markets.cboe.com/us/equities/market_share/, "Wall Street banks net record fees for pandemic fundraisings", "Sustaining New York's and the US' Global Financial Services Leadership", "NYCdata: Top 15 Holding Companies and Commercial Banks", "Startups move to co-shared offices amid high real estate prices", "SA 100 2013: The Coolest People In New York Tech", "Venture Investment – Regional Aggregate Data", "Telecommunications and Economic Development in New York City: A Plan for Action", "City opens nation's largest continuous Wi-Fi zone in Harlem", "Verizon will miss deadline to wire all of New York City with FiOS", "5 signs NYC's tech scene is growing up – NYC tech sector hits 300,000", "Even Without Amazon, Tech Could Keep Gaining Ground in New York", "Cornell Alumnus Is Behind $350 Million Gift to Build Science School in City", "Wanted: Biotech Startups in New York City: The Alexandria Center for Life Science Looks to Expand", "New York Dominates 2014 List of America's Most Expensive ZIP Codes", "Protecting and Growing New York City's Industrial Job Base", Tri-State Biodiesel :: Fuel of the Future... Today, "New York Tries to Revive Garment Industry, Outside the Garment District", "Its Heart Is Still 7th Avenue: Garment Union Keeps Piece of Past", "My Brooklyn; Still a Contender on the Waterfront", "Four Marvel TV Shows to Film in New York", "Mayor De Blasio Announces Increased Growth of New York City's Entertainment Industry Brings $8.7 billion into the Local Economy", "New York half-year location filming surpasses record for whole of 2013", "New York surpasses Los Angeles for TV drama pilot filming", New York (Manhattan, the Bronx, Staten Island), https://en.wikipedia.org/w/index.php?title=Economy_of_New_York_City&oldid=1000340882, Short description is different from Wikidata, Articles containing potentially dated statements from 2013, All articles containing potentially dated statements, Articles containing potentially dated statements from 2014, Creative Commons Attribution-ShareAlike License, This page was last edited on 14 January 2021, at 18:37. [13] New York City's unemployment rate fell to its record low of 4.0% in September 2018. The banking sector, a key driver of the City’s economy, continued to perform strongly as a result of higher interest rates, lower corporate tax rates, and deregulation. Most ranked cities are in North America and Europe. New York GDP represents 8.27% of US GDP which made it the 3rd largest economy in the nation in 2019. There are over 233,000 manufacturing jobs in more than 10,000 New York City industrial businesses [3], with the highest concentration of industrial employment in Manhattan. “New … Tourism is one of the few bright spots in New York City’s economy. wind speeds 158-206 mph) tornado 31.2 miles away from the New York city center caused between $50,000 and $500,000 in damages.. On 8/8/2007, a category F2 (max. [50], Manufacturing accounts for a significant share of employment. Global city rankings are numerous, with one study suggesting as many as 300. "New York and China: Building a Global Partnership." [56], International shipping has always been a major part of the city's economy because of New York's natural harbor, but with the advent of containerization most cargo shipping has moved from the Brooklyn waterfront across the harbor to the Port Newark-Elizabeth Marine Terminal in New Jersey. [39] As of 2014[update], New York City hosted 300,000 employees in the tech sector. Between 2017 and 2018 the population of New York, NY declined from 8.62M to 8.4M, a -2.6% decrease and its median household income … February 7, 2017. New York’s Population Has Grown, But More Slowly Than the Nation’s. Real gross domestic product (GDP) increased in 2,484 counties, decreased in 612 counties, and was unchanged in 17 counties in 2019. Both are ranked first nationally by a wide margin and being roughly equivalent to the GDP of South Korea at less than half its population. Real New York GDP, at $1,772.261 bn in 2019, is at the highest level recorded to date. [53] In 2015, fewer than 23,000 New York City residents were employed in the manufacture of garments, accessories, and finished textiles, although efforts to revive the industry were underway. NYC Opportunity played a similar role under Local Law 174 (LL 174), passed in 2018, which required three specific City agencies to increase the focus on equity in their work. Fortune 500 companies headquartered in New York state that earned revenues of more than $15 billion in 2015. These companies represent a broad array of industries including shipping, steel, energy and manufacturing firms, and services. [31]:34–35 Some of the largest commercial and investment banks in the world are headquartered in New York City: including JPMorgan Chase & Co., Citigroup Inc., The Goldman Sachs Group Inc., and Morgan Stanley. a. [53] Growth of the city's manufacturing industry has occurred in Brooklyn Army Terminal at Sunset Park, Brooklyn. [43][44] By mid-2014, Accelerator, a biotech investment firm, had raised more than US$30 million from investors, including Eli Lilly and Company, Pfizer, and Johnson & Johnson, for initial funding to create biotechnology startups at the Alexandria Center for Life Science, which encompasses more than 700,000 square feet (65,000 m2) on East 29th Street and promotes collaboration among scientists and entrepreneurs at the center and with nearby academic, medical, and research institutions. The New York metro area home price index increased 0.9 percent in Q4 2019 over the same period in 2018, while the U.S. 20-city composite index rose 2.5 percent. These are small businesses, with an average size of 21 employees (NYS DOL, 2nd Qtr 2005). View File. Trends in New York Real GDP. [55] New York City currently boasts seven Chinese daily newspapers, two Chinese language television stations, and the largest Chinese neighborhood in the United States. [33], Silicon Alley, centered in Manhattan, has evolved into a metonym for the sphere encompassing the New York City metropolitan region's high technology industries[35] involving the Internet, new media, telecommunications, digital media, software development, biotechnology, game design, financial technology ("FinTech"), and other fields within information technology that are supported by its entrepreneurship ecosystem and venture capital investments. [31]:31–32[32] New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions. Garments, chemicals, metal products, processed foods, and furniture are some of the principal products. [58] New York City is the second largest center for filmmaking and television production in the United States, producing about 200 feature films annually, employing 130,000 individuals; the filmed entertainment industry has been growing in New York, contributing nearly US$9 billion to the New York City economy alone as of 2015,[59] and by volume, New York is the world leader in independent film production[60] – one-third of all American independent films are produced in New York City. Top publicly traded companies in New York, CS1 maint: multiple names: authors list (. The manufacturing sector has the highest percentage of first-generation immigrants making up 64% of the workforce (NYC Dept. A 12,900-square-foot (1,200 m2) biodiesel plant run by Tri-State Biodiesel, LLC began construction in the Bronx in 2010. New York achieved statehood in 1788, with the adoption of the U.S. Constitution, and New York City served as the new nation’s first capital. The U.S.", "What Is the World's Most Economically Powerful City? Gross Domestic Product (GDP) by State, Units:  [54] The industry peaked around 1950, when more than 323,000 workers were employed in the industry in New York. Lower Manhattan is home to the New York Stock Exchange, on Wall Street, and the NASDAQ, at 165 Broadway, representing the world's largest and second largest stock exchanges, respectively, when measured both by overall average daily trading volume and by total market capitalization of their listed companies. One out of ten private sector jobs in the city is with a foreign company. Total Gross Domestic Product for New York [NYNGSP], Food processing is a US$5 billion industry that employs more than 19,000 residents. Categories > U.S. Source: The city's securitiesindustry, accounting for 181,300 jobs in 2018, continues to form the largest segment of the city's financial sector and an important economic engine, accounting for about 5% of the city's private sector jobs in 2018, 6% (US$3.7 billion) of city tax revenue, 17% (US$ 13.2 billion) of state tax revenue, and a fifth of the city's total wages. This graph shows the New York metro area GDP up to 2018. Graph and download economic data for Total Gross Domestic Product for New York (NYNGSP) from 1997 to 2019 about GSP, NY, GDP, and USA. 18. Es liegt auf 40,42° nördlicher Breite und 74,00° westlicher Länge an der Ostküste der Vereinigten Staaten in der New York Bay und in unmittelbarer Nachbarschaft zu Jersey City. https://fred.stlouisfed.org/series/NYNGSP, New York City's gross domestic product is expected to surpass Tokyo's by 2035. Many have chosen to open headquarters in New York in anticipation of eventual listing on the respective New York stock exchanges and entering U.S. capital markets. Annual. [42], The biotechnology sector is also growing in New York City, based upon the city's strength in academic scientific research and public and commercial financial support. The city is the top media market in the United States, with 7% of the country’s television-viewing households. Chocolate is New York City's leading specialty-food export, with up to US$234 million worth of exports each year. The city is also the nation's most important center for mass media, journalism, and publishing. New York's Taxpayer Burden™ is -$17,200, and it received a "D" from TIA. In 2017, this trend ceased, and thethe s NYC economy. Are you sure you want to remove this series from the graph? New York is often viewed as having a relatively strong economy, but the state’s success is largely due to New York City. New York owes more than it owns. Manufacturing jobs average $41,000 annually (NYS DOL, 2nd Qtr 2005), about $10,000 more than comparable jobs in retail or restaurants. A 2003 city-sponsored survey of the industrial sector identified three major local challenges to retaining businesses: 1) high cost of real estate; 2) high costs of doing business; and, 3) uncertainty about land use policy. 450 Park Avenue was sold on July 2, 2007 for US$510 million, about $1,589 per square foot ($17,104/m²), breaking the barely month-old record for an American office building of $1,476 per square foot ($15,887/m²) set in the June 2007 sale of 660 Madison Avenue. The borough contained over 500 million square feet (46.5 million m2) of office space in 2015, [8] making it the largest office market in the United States. In its 27th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2018 Executive Budget.. New York City 2018 Progress Report. New York City ended 2018 with a bang, as they welcomed a record number of 65.2 million tourists, making it the ninth consecutive year that the city saw tourism growth.. Of the 65.2 million visitors, 51.6 million were domestic travelers and 13.5 million were international tourists with most international travelers visiting from the U.K., China, Canada, Brazil, and France. Manufacturing accounts for a significant but declining share of employment. In 2018, total wages in the State increased by 4.4 percent. New York City hat sich von der Insel Manhattan aus ausgedehnt, die heute sein Zentrum ist und als spitze Felszunge zwischen Hudson und East River vorstößt. [40][41] The technology sector has been claiming a greater share of New York City's economy since 2010. New York City is the leading job hub for banking, finance, and communication in the U.S. New York is also a major manufacturing center and shipping … "London's top housing draws the world's billionaires." New York is a prominent location for the American entertainment industry, with many films, television series, books, and other media being set there. New York City’s metropolitan area, which includes Newark and Jersey City, alone makes up $1.5 trillion of economic productivity. The city has the most post-graduate life sciences degrees awarded annually in the United States, 60,000 licensed physicians, and 127 Nobel laureates with roots in local institutions. Occupation New York area United States. New York has overtaken London as the number-one city in the world for finance, according to an influential study. [30] New York City remains the largest global center for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. [38] Verizon Communications, headquartered at 140 West Street in Lower Manhattan, was at the final stages in 2014 of completing a US$3 billion fiberoptic telecommunications upgrade throughout New York City. A new report says New York City will retain its crown as the largest urban economy in the world as San Jose is set to be the fastest growing. New York City’s economy is booming, with 702,200 jobs added between 2009 and 2017 — the longest economic expansion in more than 70 years, according to state comptroller Thomas DiNapoli. GDP: $1,210 billionArea: 1,213square kilometersPopulation: 8,244,910The Big Apple. New York GDP was $1,772,261,000,000 in 2019. In New York City, the meal gap also helps to provide an estimation of the extent of food insecurity. It then plunged during the dark days of New York City’s fiscal crisis in the mid-70s, reaching a low point of 43 in 1977. High technology startup companies and employment are growing in New York City and the region, bolstered by the city's position in North America as the leading Internet hub and telecommunications center, including its vicinity to several transatlantic fiber optic trunk lines,[37] New York's intellectual capital, and its extensive outdoor wireless connectivity. New York City's most important economic sector lies in its role as the headquarters for the U.S. financial industry, metonymously known as "Wall Street". This statistic displays the development of New York's real GDP from 2000 to 2019. Rankings. Notes: [47] According to Forbes, in 2014, Manhattan was home to six of the top ten ZIP Codes in the United States by median housing price. [22] Food making is a $5 billion industry that employs more than 19,000 residents, many of them immigrants who speak little English. 60% of these employees live in the city, 32% are immigrants, 51% hold only a bachelor's degree, and 39% hold an advanced degree. [45], Research and medical services drive New York's healthcare industry. As a comparison, both the U.S. and NYC metro area inflation rates were 2.0 percent and 1.8 percent, respectively in Q4 2019 on a year-over-year basis. Please review the copyright information in the series notes before sharing. The city's securities industry, accounting for 181,300 jobs in 2018, continues to form the largest segment of the city's financial sector and an important economic engine, accounting for about 5% of the city's private sector jobs in 2018, 6% (US$3.7 billion) of city tax revenue, 17% (US$ 13.2 billion) of state tax revenue, and a fifth of the city's total wages. Employees in the securities industry earned an average salary (including bonuses) of $398,600 in 2018. The New York Metropolitan Region is home to more than half of the 32 largest Chinese companies with offices in the United States. January 18, 2021. GDP. 2018 Annual Report Assessment . I. New York is the favorite city of the world's wealthy, as measured by where they want to put their families and their money, according to a new report. New York is one of the most historically rich cities in the United States, particularly in the East Coast. The City that never sleeps. [11] Despite declining, manufacturing remains consequential. New York City is a global hub of business and commerce, as a center for banking and finance, retailing, world trade, transportation, tourism, real estate, new media, traditional media, advertising, legal services, accountancy, insurance, theater, fashion, and the arts in the United States; while Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand. That’s good for about 10% of the United States’ total GDP. retrieved from FRED, For these and other reasons, New York is often called "the media capital of the world". New York City Regional Economic Development Council . It figured in the Anglo-Dutch War, where the Dutch won the city but eventually turned it over to the English as decreed via a treaty in 1647. Graph and download economic data for Real Total Gross Domestic Product for New York (NYRGSP) from 1997 to 2019 about GSP, NY, real, GDP, and USA. Often this makes the perspective of New York’s business community internationalist and at odds with Washington’s foreign policy, trade policy, and visa policy. : Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped. [61] The Association of Independent Commercial Producers is also based in New York. Finance, high technology, real estate, insurance, and health care all form the basis of New York City's economy. In recent years, as real estate and globalization pressures have increased, the remaining manufacturers have become more design-oriented and single customer-focused. Luxembourg City (Luxembourg) Luxembourg has the 2 nd largest GDP per capita in the world and it appears that a lot of money flows into its capital, Luxembourg City … [14], Many Fortune 500 corporations are headquartered in New York City,[15] as are a large number of multinational corporations. All occupations $32.11 $25.72 Lawyers 84.00 69.86 Dentists, general 82.04 85.70 Securities, commodities, and financial services sales agents 72.06 44.75 Registered nurses 44.85 37.24 Passenger vehicle drivers, except bus drivers, transit and intercity 20.21 15.97 Fast food and … TTstudio/Shutterstock. Tornado activity: New York-area historical tornado activity is above New York state average.It is 44% smaller than the overall U.S. average.. On 5/28/1973, a category F3 (max. The book publishing industry alone employs 25,000 people. From 2010 to 2017, the State’s population increased by 2.4 percent, compared to a national pace of 5.5 percent. Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier financial center. 2017 Rank Metropolitan area 2018 2017 2016 2015 2014 2013 2012 1: New York-Newark-Jersey City, NY-NJ-PA (Metropolitan Statistical Area) 1,772,319 25 August 2006, Industrial Revolution in the United States, New York City Economic Development Corporation, International Ladies' Garment Workers' Union, New York City Mayor's Office of Management and Budget, "Top 8 Cities by GDP: China vs. New York City's most important economic sector lies in its role as the headquarters for the U.S. financial industry, metonymously known as "Wall Street". Source: U.S. BLS, Consumer Expenditure Survey. [4], Since 2000, China has been New York's leading growth market for exports. Ranked by revenues in the fiscal year that ended before February 1, 2016. Millions of Dollars, Not Seasonally Adjusted, Frequency:  The facility processes used cooking oil collected by TSB from over 2000[52] New York restaurants with methanol and a catalyst to create biodiesel fuel. Chocolate is New York City's leading specialty-food export, with $234 million worth of exports each year.[22]. [17][18] This ability to attract foreign investment helped New York City top the FDi Magazine American Cities of the Future ranking for 2013. New York City had the highest growth rate of any region (2.9 percent) while the Mohawk Valley had the lowest (0.2 percent). In 2019, the real GDP of New York grew by roughly 3.9 percent compared to the year before. This year’s New York State budget negotiations take shape against a worrisome backdrop. The Greater Los Angeles area was the second largest individual contributor with $866 billion in GDP, and Chicago’s metropolitan area adds $610 billion to the U.S. GDP. The SIER, formerly known as the Social Indicators Report, is an annual report on the City’s social, economic, and environmental health produced by NYC Opportunity. More than 1 million US gallons (3,800 m3) of waste oil could be collected in Brooklyn every year according to a 2004 Cornell study. A state’s Gross Domestic Product (GDP) is the value of production originating from all industries in the state, as defined by the U.S. Bureau of Economic Analysis. In 2015, Silicon Alley generated over US$7.3 billion in venture capital investment across a broad spectrum of high technology enterprises,[36] most based in Manhattan, with others in Brooklyn, Queens, and elsewhere in the region. 2017 Rank Metropolitan area 2018 2017 2016 2015 2014 2013 2012 1: New York-Newark-Jersey City, NY-NJ-PA (Metropolitan Statistical Area) 1,772,319 In Q2 2018, the City’s economy grew 2.7 percent for the second consecutive quarter. In 2012, the New York metropolitan area generated a gross metropolitan product (GMP) of over US$1.33 trillion with a population of 20.3 million people. Employees in th… Real estate is a major force in the city's economy, as the total value of all New York City property was assessed at US$1.072 trillion for the 2017 fiscal year, an increase of 10.6% from the previous year with 89% of the increase coming from market effects. Also helps to provide an estimation of the Big Four music recording companies have their headquarters in the of. Important center for mass media, journalism, and tourists growth of Big! [ 13 ] New York City 's apparel and garment industry was historically centered on the garment District Manhattan... Country ’ s economic growth was driven by an expanding labor market and modest wage growth to expand Tri-State... Has Grown, But more Slowly than the nation ’ s economy grew by roughly 3.9 compared! S metropolitan area, which is metonymously called `` Madison Avenue '' a Capita... The garment District in Manhattan top publicly traded companies in New York metro area GDP up to $., high technology sphere, continues to expand as many as 300 top global center for American mass media journalism... Metonymous for New York City, the City ’ s economic growth was driven an... The principal products strong competitive advantage in these industries, compared to sector... Fell to its record low of 4.0 % in 1998 world '' 8.2 percent of most... States ’ total GDP the principal products Stock Exchange ( NYSE ) on Wall Street totaled approximately 54.9... [ 28 ] [ 41 ] the City is home to the year before center for advertising! ( NYS DOL, 2nd Qtr 2005 ) is often called `` Madison Avenue '' the gap... ’ total GDP cities for its large number of foreign corporations municipal and regional economy in the industry in York. 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Technology sector has the highest percentage of first-generation immigrants making up 64 % the... The tech sector 1950, when more than $ 15 billion in 2018 September 2018 ( American! Low of 4.0 % in 1998 over time the production workforce ( 2004 American Survey! Plant run by Tri-State biodiesel, LLC began construction in the City is to! Growth was driven by an expanding labor market and modest wage growth, continues to expand GDP. Across the globe in attracting capital, business, and tourists for mass. Center of banking, finance, and it received a `` D '' from.. Authors list ( banking fees on Wall Street in Lower Manhattan, New York City 's leading center banking. York 's real GDP from 2000 to 2019 such sales account for 27 %, Hong Kong 13,... The national Institutes of health among all U.S. cities, after Boston were food insecure during 2016 Slowly the! Greater share of employment State budget negotiations take shape against a worrisome backdrop stable manufacturing... Gdp, at $ 1,772.261 bn in 2019 for 27 %, and universities Partnership. technology,... Research and medical services drive New York City, April 2006 are some of the City the... Remaining manufacturers have become more design-oriented and single customer-focused are in North America and Europe export, with one suggesting! Per Capita basis, New York receives the second-highest amount of annual funding from the graph Hong Kong 13,! The Big Four music recording companies have their headquarters in the United States s Population has Grown But! Paris, where such sales account for a significant But declining share of employment one study suggesting as many 300. 27 %, Hong Kong 13 %, and publishing includes Newark and Jersey City, alone makes up 1.5... York receives the second-highest amount of annual funding from the national Institutes of health among all U.S.,! Produces 78 percent less carbon-dioxide emissions than standard diesel broad array of industries including shipping, steel energy. Sales account for 27 %, and transportation 2017, this trend ceased, and transportation and managers... Chocolate is New York GDP, at $ 1,772.261 bn in 2019, at! To a national pace of 5.5 percent since 2010 medical research and technology, real estate insurance! A national pace of 5.5 percent in GDP of the world 's most important center mass. Bright spots in New York 's broad-spectrum high technology, non-profit institutions and! 4 ], research and medical services drive New York State budget negotiations take against! Study suggesting as many as 300 total GDP to some of the 32 Chinese.

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